The excitement surrounding Ethereum layer 2 network Starknet rose to new heights when the Starknet Foundation recently announced a major altcoin distribution initiative. The 1.8 billion STRK tokens to be distributed as user rewards and refunds herald a transformative era in Blockchain token allocation. Here are the details…
New developments in the highly anticipated altcoin airdrop
In a groundbreaking move, the foundation has revealed its intention to create special committees to ensure responsible and fair distribution of these layer 2 Blockchain tokens. One of the most important actors of this distribution strategy is the “Provision Committee”, which is tasked with overseeing the distribution of 900 million STRK tokens. This significant pool is designated to reward both past and future contributions from users and community members, with a phased distribution planned to begin in the first half of 2024.
Now that the news is out, we might as well tell you more!
Starknet is about each of you. Every user, builder and member of our community – existing and future – is a critical piece to building our network into the future of decentralisation for generations to come. The success…
— Starknet Foundation (@StarknetFndn) December 8, 2023
The announcement also highlighted a token airdrop snapshot that created significant excitement within the community. While specific details regarding the eligibility criteria for the airdrop are still in the works, a draft that briefly appeared on the foundation’s website created ripples across social media platforms. A representative from the Starknet Foundation said, “We are diligently preparing the first phase of deployments and are on the verge of finalizing it. Stay tuned for more official updates.” said.
Another committee will be established
Beyond user rewards, the foundation is preparing to offer “user rebates” aimed at subsidizing transaction costs. Another committee tasked with distributing 900 million tokens to cover transaction fees for network users is also in preparation. Simultaneously, the “DeFi Committee” is preparing to allocate the first 50 million tokens, focusing on encouraging activity on decentralized finance (DeFi) protocols within the network. This initiative aims to create an environment conducive to increasing liquidity in the network’s DeFi ecosystem.
Starknet Foundation had previously announced that a total of 10 billion STRK tokens would be issued, 50 percent of which would be held by the organization. The remaining tokens are planned to be distributed among core developers, ecosystem contributors, and the broader community.
Result: 1.8 billion STRK will be distributed
As a result, it has been confirmed that 1.8 billion STRK will be distributed for the highly anticipated Starknet airdrop. The new details revealed that 900 million tokens will be allocated to early stage users, while the remaining 900 million will go to ecosystem developers. In addition, 50 million tokens are planned to be distributed to decentralized exchanges (DEXs).
While details regarding the distribution criteria and distribution date remain unclear, the Starknet Foundation has assured the community that official communication about the initiative will be made soon. A new committee is being formed to oversee the detailed planning and execution of the STRK rollout, with the aim of rewarding users for their vital contributions to the network.
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